Insider Selling: Palomar (NASDAQ:PLMR) President Sells 522 Shares of Stock

Palomar Holdings, Inc. (NASDAQ:PLMR) President Jon Christianson sold 522 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $128.04, for a total transaction of $66,836.88. Following the sale, the president directly owned 65,919 shares in the company, valued at $8,440,268.76. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Jon Christianson also recently made the following trade(s):

• On Saturday, January 31st, Jon Christianson sold 515 shares of Palomar stock. The shares were sold at an average price of $121.75, for a total transaction of $62,701.25.
• On Saturday, January 31st, Jon Christianson sold 515 shares of Palomar stock. The stock was sold at an average price of $121.75, for a total transaction of $62,701.25.
• On Thursday, January 29th, Jon Christianson sold 1,158 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $141,322.32.
• On Thursday, January 29th, Jon Christianson sold 1,158 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total value of $141,322.32.
• On Wednesday, January 28th, Jon Christianson sold 1,991 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total value of $238,681.08.
• On Tuesday, December 23rd, Jon Christianson sold 1,691 shares of Palomar stock. The stock was sold at an average price of $139.50, for a total value of $235,894.50.

Palomar Price Performance

NASDAQ:PLMR traded down $2.81 during mid-day trading on Friday, reaching $120.61. The company’s stock had a trading volume of 332,759 shares, compared to its average volume of 275,399. Palomar Holdings, Inc. has a twelve month low of $107.75 and a twelve month high of $175.85. The company’s fifty day simple moving average is $129.40 and its two-hundred day simple moving average is $123.10. The stock has a market cap of $3.20 billion, a P/E ratio of 16.80 and a beta of 0.44.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.18. Palomar had a net margin of 22.50% and a return on equity of 22.77%. The business had revenue of $492.63 million for the quarter, compared to analyst estimates of $204.58 million. During the same period in the prior year, the firm posted $1.52 EPS. The company’s revenue was up 62.7% on a year-over-year basis. Sell-side analysts expect that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Palomar from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. JPMorgan Chase & Co. boosted their price target on Palomar from $145.00 to $155.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods upped their price target on Palomar from $170.00 to $171.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Weiss Ratings upgraded Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 14th. Finally, Evercore assumed coverage on Palomar in a report on Monday, February 9th. They set an “outperform” rating and a $150.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Palomar presently has a consensus rating of “Buy” and an average target price of $162.17.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its holdings in Palomar by 14.0% in the third quarter. Principal Financial Group Inc. now owns 182,255 shares of the company’s stock worth $21,278,000 after acquiring an additional 22,346 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Palomar by 93.7% during the 2nd quarter. Osaic Holdings Inc. now owns 19,370 shares of the company’s stock worth $2,933,000 after purchasing an additional 9,371 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in shares of Palomar in the 3rd quarter worth approximately $1,459,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Palomar by 11.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 456,172 shares of the company’s stock worth $53,258,000 after purchasing an additional 45,665 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in Palomar by 41.1% during the 3rd quarter. Bessemer Group Inc. now owns 153,683 shares of the company’s stock valued at $17,943,000 after purchasing an additional 44,745 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.